Strength Seen in Revance Therapeutics, Inc. (RVNC): Can Its 5.4% Jump Turn into More Strength?

Strength Seen in Revance Therapeutics, Inc. (RVNC): Can Its 5.4% Jump Turn into More Strength?

Revance Therapeutics, Inc. RVNC shares soared 5.4% in the last trading session to close at $29.30. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock’s 1.4% loss over the past four weeks.

Shares gained as investors remain optimistic on the company’s pipeline progress. Last month, the company announced positive topline data from its mid-stage study of its investigational drug candidate daxibotulinumtoxinA for Injection for the treatment of adults with moderate to severe upper limb spasticity.

Price and Consensus

Price Consensus Chart for RVNC

This company is expected to post quarterly loss of $1.04 per share in its upcoming report, which represents a year-over-year change of +9.6%. Revenues are expected to be $12.44 million, up 20636.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Revance Therapeutics, Inc., the consensus EPS estimate for the quarter has been revised 6.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on RVNC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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